Manganese X Energy Approaches Midway Point of 2023 Battery Hill Pre-Feasibility Drilling Program
Montreal, Quebec--(Newsfile Corp. - January 25, 2023) - Manganese X Energy Corp. (TSXV: MN) (FSE: 9SC) (TRADEGATE: 9SC) (OTCQB: MNXXF) (the "Company" or "Manganese X") is pleased to announce that it is approaching the midway point of the pre-feasibility study in-fill and step-out drilling program at its wholly owned Battery Hill Project located near Woodstock, New Brunswick.
An aggregate of 16 NQ diamond drill holes totaling 2,208 metres have been completed of the planned 4,725 metre, 31-hole program. The goal of the drill program is to in-fill and expand the Measured and Indicated resources in preparation for the pre-feasibility study ("PFS") by upgrading the Inferred category resource included in the Preliminary Economic Assessment ("PEA") mine plan.
The planned PFS drill program is following recommendations of the National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") PEA of the Battery Hill Manganese Project, which is available on the Company's website at:
The Company is methodically fulfilling its mission to become the first publicly traded mining Company in Canada and the US to commercialise high-purity EV compliant manganese.
Martin Kepman, CEO, comments, "We are very pleased with the progress of our Battery Hill pre-feasibility drilling program as the PFS is key to the decision making and forward planning of the mine permitting process. A major part of preparing for the PFS is our current drill program, as well as the environmental, community and geotechnical studies which will commence in the spring."
"The North American battery industry is going to require its own supply chain for manganese. The continent, however, has no current high-purity manganese processing capacity to supply a large number of batteries gigafactories and cathode plants currently under development. Manganese is a stabilising component in the cathodes of nickel-manganese-cobalt lithium-ion batteries used in electric vehicles. The material increases energy density and hence improves driving range. At the same time, it decreases the combustibility of an EV battery pack. We are optimistic about the future of the company as we move forward in a cycle of dynamic change."
The Company also announces it has entered into an agreement effective December 15, 2022, with Stonegate Capital Partners, Inc. ("Stonegate") of 500 Crescent Court, Suite 370 Dallas, TX 75201 United States, to initiate research coverage with quarterly updates (the "Services) for a period of six months (the "Agreement'). The Agreement is subject to regulatory approval, including the acceptance of the TSX Venture Exchange.
As compensation for the Services, the Company will pay US$2,500 to Stonegate at the beginning of each month during the term of the Agreement. The Agreement is renewable if mutually agreed to in writing between Stonegate and the Company. Stonegate is an arms'-length service provider to the Company and has no interest, directly or indirectly, in the Company or its securities, or any right or intent, to the knowledge of the Company, to acquire such an interest.
This news release has been reviewed and approved by Perry MacKinnon, P.Geo., Vice-President of Exploration of Manganese X and a Qualified Person as defined under NI 43-101.
About Manganese X Energy Corp.
Manganese X's mission is to advance its Battery Hill project into production, thereby becoming the first public actively traded manganese mining company in Canada and the US to commercialize EV Compliant High Purity Manganese, potentially supplying the North American supply chain. The Company intends on supplying value-added materials to the lithium-ion battery and other alternative energy industries, as well as striving to achieve new carbon-friendly more efficient methodologies, while processing manganese at a lower competitive cost.
Subsidiary Disruptive Battery Corp.'s mission is to develop an HVAC (heating, ventilation and air conditioning) air purification delivery system for cleaner and healthier air, aiming to mitigate COVID-19 and other contaminants on surfaces and in the air. For more information visit the website at www.manganesexenergycorp.com.
On behalf of the Board of Directors of
MANGANESE X ENERGY CORP.
CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Company, such as exploration plans and the ability to potentially expand mineral resources and the impact thereon, and the receipt of TSX Venture Exchange acceptance of the Agreement, are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Manganese X, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. These risks, as well as others, are disclosed within the Company's filing on SEDAR (www.sedar.com), which investors are encouraged to review prior to any transaction involving the securities of the Company. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Manganese X does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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